Starting a new business
Starting a new business is tough. There are many things to take into account: obtaining a business license, deciding on a business entity, business taxes, expenses, and the list goes on and on. At the Roth Law Group, we understand the trials and difficulties that small business owners face and our Chicago Illinois Business lawyers are here to help make things a little easier. In today’s post, our business lawyers will be talking about starting a new business in Chicago.
Chicago is a rising star in business development. Many people flock to Chicago, Illinois for the friendly business environment and lifestyle. Low costs and a healthy economy make Chicago a great place to start a new business. Like any business, there are a few rules and things you need to take care of before setting up a business in Chicago.
When starting a new business, the first thing you should do is to select the business entity you’ll be using to operate your small business. If you’re thinking of setting up shop in Chicago, our Business lawyers can help you decide and go into detail about the different types of entities:
- Sole Proprietorship
- General Partnership
- Limited Liability Partnership (LLP)
- Corporation – Independent legal and tax entity that is separate from the people who own, control, and manage it.
- Limited Liability Corporation (LLC) – A corporation that provides limited liability for business debts and claims.
Each business entity has its own advantages and disadvantages and you should choose the structure that fits your business. You will still be able to change your choice in business structure depending on the growth of your business or the risk. When deciding upon a business entity, we generally recommend seeking professional help from a business lawyer. However, if you’re determined to go it alone, ask yourself the following questions:
- Who will own the business?
- How many owners will the business have
- What’s your financial situation like?
- What are the risks and liabilities involved?
- What services are you offering?
If you’re unsure of which business entity you should operate under, our Chicago Illinois Business lawyers are here to help you decide. We’ll be able to assess your financial situation and listen to your needs and ideas. We encourage you to make use of the knowledge and experience of our business lawyers in Chicago, Illinois. We only seek what’s best for you and your business and we are happy to help in any way we can. The business attorneys at our Chicago-based law firm have worked closely with small businesses in the Chicago area and have the knowledge and expertise needed in order to guide you and your business to success.
Contact our attorneys if you are seeking guidance in setting up a business or have any other legal concerns related to your business. We have the experience to help you.